I want to this question answer general accounting Reginald Wallace's gross weekly salary is $515.00. Hisweekly federal withholding is $55.00. The Social Securitytax is 6.2 percent of the first $90,000.00. The Medicare taxis 1.45 percent of gross pay. The state tax is 1.5 percent ofgross pay. Each week, he pays $12.40 for medical insurance.How much is deducted from Reginald's weekly wages forstate tax and Medicare tax?

Step 1: Define Payroll TaxesThe payroll taxes refer to all tax charges associated with employee's…

Answered: Reginald Wallace's gross weekly salary…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 51P: Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys...

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Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.
Eagle Life Insurance Company pays its employees 0.30 per mile for driving their personal automobiles to and from work. The company reimburses each employee who rides the bus 100 a month for the cost of a pass. Tom collected 100 for his automobile mileage, and Mason received 100 as reimbursement for the cost of a bus pass. a. What are the effects of the above on Toms and Masons gross income? b. Assume that Tom and Mason are in the 24% marginal tax bracket and the actual before-tax cost for Tom to drive to and from work is 0.30 per mile. What are Toms and Masons after-tax costs of commuting to and from work?
Lisa records nonrefundable Federal income tax credits of 65,000 for the year. Her regular income tax liability before credits is 190,000, and her TMT is 150,000. a. What is Lisas AMT? b. What is Lisas regular income tax liability after credits?
2. Dustin Ambrose is married and claims 3 allowances. His gross weekly pay is $628.00. Each week he pays federal, Social Security, and Medicare taxes, $52.00 for medical insurance, and $23.50 toward his retirement fund. 3. Andre Quinn earns $600 per week. He is married and daims 2 allowances. Weekly deductions indude federal, Social Security, and Medicare taxes, a state tax of 2.5 percent on gross carnings, a local tax of I percent on gross earnings, and medical insurance The commny nat 65 percent of the $3.975 annnal
Pam Trim's monthly net earnings are
Rudolph Fabrizio earned gross pay of $3,600. Each period he contributes 4% of gross pay to a flexible spending account, and his current year taxable earnings for Social Security tax, to date, are $136,400. Total Social Security Tax=
Pat Maninen earns a gross salary of $4,600 each week. Assume a rate of 6.2% on $128,400 for Social Security and 1.45% for Medicare.a. What are Pat’s first week’s deductions for Social Security and Medicare? Will any of Pat’s wages be exempt from Social Security and Medicare for the calendar year?
Shirley Riddle's net biweekly earnings are
Dr. Josef Young earns an adjusted gross weekly income of $2,517. How much Social Security tax should be withheld the first week of the year? How much Medicare tax should be withheld? The Social Security tax rate is 6.2% from earnings to be taxed to a maximum annual wage of $118,500. The Medicare tax rate is 1.45% from all earnings to a maximum annual wage of $200,000. The Social Security tax is $ (Type an integer or a decimal. Round to the nearest cent as needed.) The Medicare tax is $. (Type an integer or a decimal. Round to the nearest cent as needed.)
Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a total of $8,788. FICA tax for Social Security is 6.2% on the first $128,400 of earnings each calendar year and the FICA tax for Medicare is 1.45% of all earnings. The FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The amount of Federal Income Tax withheld from his earnings was $1,458.17. What is the amount of the employer's payroll taxes expenses for this employee? (Round your intermediate calculations to two decimal places.) Multiple Choice $544.86 $127.43 $378.00 $42.00 $1,092.29
Triston Vale is paid on a monthly basis. For the month of January of the current year, he earned a total of $5,220. Federal Insurance Contributions Act (FICA) tax for Social Security is 6.2% on the first $137,700 of earnings each calendar year, and the Federal Insurance Contributions Act (FICA) tax for Medicare is 1.45% of all earnings. The Federal Unemployment Taxes (FUTA) tax rate is 0.6% and the State Unemployment Taxes (SUTA) tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The amount of Federal Income Tax withheld from his earnings was $885.70. a. Journalize the entry to record the payroll for the month of January. DATE X/X Salaries Expense SUTA tax FUTA tax Debit Credit b. Using the information from the question above, journalize the entry to record the payroll tax expense incurred for the month of January. DATE X/X Debit Credit
Sean's gross pay for this month is $8,950. His gross year-to-date pay, prior to this month, totaled $130,500. Sean's rate for federal income tax is 24%. His voluntary deductions total $1,100. What is Sean's net pay? (Assume an OASDI rate of 6.2%, applicable on the first $132,900 earnings, and a Medicare rate of 1.45%, applicable on all earnings. Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.) OA. $5,702 OB. $6,802 OC. $6,523 O D. $5,423

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